Page 44 - Plastics News November 2021
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BUSINESS NEwS





          ProAmpac Acquires Irish Packaging Companies                             Amcor  Registers  10%

          From Ifp Investments                                                    Increase in Q1 Net Sales


              S-based                        and supplies food contact packaging       ultinational
          Uf lex ib le                       materials, including casing, boneguard   Mpackaging
          packaging firm                     and linerboard products. Both businesses   firm Amcor has
          ProAmpac has                       are expected to add sustainable and   reported that its
          acquired two                       flexible packaging manufacturing and   net sales grew by
          Irish packaging                    distribution capabilities to ProAmpac’s   10% on a reported
          businesses ,                       portfolio.  Following  the  acquisition,   basis for the first
          Irish Flexible                     ProAmpac will assume both companies’   quarter of  the
          Packaging and                      current management teams without    fiscal year 2022
          Fispak, from IFP                   changing their roles.IFP Investments   (FY22).This was a
          Investments. The acquisition is part  chair man  Barr y  O’Brien  said:    1% increase on a comparable constant
          of ProAmpac’s strategy to expand its  “Our  expertise  in  recyclable  food   currency basis against the same period
          sustainability-focused flexible packaging  packaging is an exciting complement   of the previous year (FY21).Amcor
          capabilities in Europe  and the  UK.  to ProAmpac’s offering of innovative   said that its net income, when calculated
          The financial terms of the transaction  f lexible packaging solutions.   according to generally accepted
          have not been disclosed. ProAmpac  “We are thrilled to partner with Greg   accounting principles (GAAP), rose
          founder and CEO Greg Tucker said:  Tucker and the ProAmpac team as     by 2% to $202m.The company’s GAAP
          “We are pleased to continue ProAmpac’s  together we serve an expanded, global   earnings per share (EPS) also grew by
          expansion in Europe with the addition  customer base with world-class sustainable   4% to $0.13. Amcor’s adjusted EPS
          of Irish Flexible Packaging and Fispak.  packaging products.”ProAmpac develops   increased by 12% on a comparable
          “These high-performing businesses  solutions for consumer, healthcare,   constant currency basis to $0.18. Net
          strengthen our sustainable packaging  e-commerce, retail and industrial goods   sales for the group’s Flexibles segment
          capabilities and enhance our ability to  markets worldwide. The company   rose by 13% on a reported basis, while
          serve the leading dairy, bakery, meat and  currently operates a network of 50 sites   its Rigid Packaging unit registered
          foodservice companies across Europe  worldwide, serving more than 5,000   a  10%  increase.  Amcor  CEO  Ron
          and beyond. “I welcome these talented  customers in 90 countries. It is owned   Delia said: “Amcor delivered a solid
          teams to the ProAmpac family.”Irish  by Pritzker Private Capital, along with   first-quarter result in line with our
          Flexible Packaging supplies paper-based  management and other co-investors.   expectations, as our teams executed
          structures for customers in Ireland’s  In July, ProAmpac acquired Irish protein   well in an environment of  broad
          bakery and dairy sectors. Fispak serves  packaging supplier Euroflex for an   supply chain disruptions. “While sales
          the meat, cheese and fish industries  undisclosed sum.                 were tempered in some parts of the
                                                                                 business by raw material shortages, we
                                                                                 prioritised as much as possible security
                                                                                 of supply for our customers, recovery
                                                                                 of higher input costs and sales mix
                                                                                 management. “We held margins flat in
                                                                                 our Flexibles segment and navigated
                                                                                 through a particularly dynamic and
                                                                                 complex environment in the Rigid
                                                                                 Packaging business to deliver another
                                                                                 quarter of double-digit EPS growth.
                                                                                 “As a result, we are confident in our
                                                                                 ability to meet our earnings growth and
                                                                                 cash flow expectations and reaffirm
                                                                                 guidance for the full 2022 fiscal year.”



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